Remove Contracts Remove Government Remove Real Estate Agent Remove Sellers
article thumbnail

How to Become a Real Estate Agent in Illinois (IL) in 5 Steps

Housing Wire

If you’re interested in becoming a real estate agent in Illinois, you’ll be happy to hear that the path to getting your real estate license in the Prairie State doesn’t require as much of a time commitment as other states. 1] As a real estate broker in Illinois, it is not legal for you to work independently.

article thumbnail

Chase Home Lending increases its closing guarantee

Housing Wire

The guarantee means that the bank promises an on-time closing on or before the contract closing date, or it will pay the homebuyer $20,000. In just the past year, the Department of Justice has called for a full dislocation of real estate agent commissions between sellers and buyers, and new appraisal bias protections have been set up.

Lending 367
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

DOJ advocates for prohibition of cooperative compensation in Nosalek commission lawsuit

Housing Wire

The modified rule still gives sellers and their listing brokers a role in setting compensation for buyers’ brokers,” the filing states. According to the DOJ, when a seller makes an offer of compensation to the buyer broker, the buyer broker does not need to compete on their compensation price in order to attract clients.

Sellers 426
article thumbnail

‘Worst possible outcome’: Industry experts weigh in on DOJ’s desire to decouple commissions

Housing Wire

When the Department of Justice (DOJ) revealed last week the changes it would like to see in how real estate agents and brokers are compensated through its statement of interest filed in the MLS Property Information Network commission lawsuit , few in the real estate industry were surprised by the agency’s desire to decouple commissions.

Sellers 416
article thumbnail

Could the assumable mortgage level the playing field?

Housing Wire

It essentially allows qualified buyers with a government loan to purchase a home by assuming responsibility for the sellers’ mortgage terms, including the current balance and interest rate. It also allows home sellers to receive top dollar for the home, he said. The product, known as an assumable mortgage, is not new.

Mortgage 369
article thumbnail

The Complete Guide to Buying a Home As a Government Employee

Raleigh Realty

Buying a Home As a Government Employee Are you a government employee preparing to buy a home? With the right resources, you can ensure a successful investment and one in which you may save tens of thousands of dollars thanks to being a government employee. Who Is a Government Employee?

article thumbnail

HUD’s small-dollar mortgage plan still hazy

Housing Wire

Michael Loftin, CEO of Homewise , whose work revolves around sustainable homeownership, suggested HUD take a cue from the government-sponsored enterprises. Loftin also suggested a subsidy for real estate agents, because “they can’t make a living selling $40,000 homes.”

Mortgage 378